Write Offs

Well, I wouldn't let myself do anything fun this morning until I got my 2010 bookkeeping started on Quicken. Each year requires a bit of an initial start up to set up the accounts I will be tracking and then the rest of the year is pretty easy.

The work itself doesn't take much brain power at all, just takes a little time. Because I am still using the 2001 version (I refuse to buy a new program when the older one does what I need), it isn't "smart" enough to carry over the same accounts year after year... or maybe I'm just not smart enough to figure out how to do it yet...

Either way, I'm happy to report it is set up and January's numbers are in!

Going through my tax categories brought something to light. The depreciation on my office equipment and vehicle are getting pretty low. Soon, I won't have any amount left, which technically means my stuff isn't worth anything anymore.

I know of a colleague whose bookkeeper told them it is time to buy a new car and to do some renovations to get some write offs because her depreciate numbers are nearing zero.

Personally I do not agree with spending money just to get a write off when the stuff you are replacing is just fine. I'll just deal with less to no depreciation which means slightly higher income taxes.